(a) A board of not less than five or more than 21 directors shall direct the business of the association. The members or shareholders shall periodically set the number of directors by a resolution adopted at an annual meeting or a special meeting called for that purpose.
(b) The members or shareholders shall elect the board by a majority vote at each annual meeting.
(c) The bylaws of a capital stock association may require all or a majority of the board to be elected from among the holders of the capital stock.
(d) A vacancy on the board is filled by the election by a majority vote of the remaining directors, regardless of whether a quorum exists, of a director to serve until the next annual meeting of the members or shareholders. The remaining directors may continue to direct the association until the vacancy is filled.